UTRUST (UTK): PayPal Must be Worried about this Payment Platform’s April Launch

The cryptocurrency sector is breathing a breath of fresh air today. The market seems to be in an upswing after a few days of uncertainty and some double-digit losses. Most of the highest-valued coins are in the green today, and some currencies are leading the pack with big boosts to their price over the last 24 hours. UTRUST (UTK) is one of those coins.

utrust.io

At the time of writing, UTK is trading 34% above its price 24 hours ago. What about this coin is drawing in all this investor attention?

What is UTRUST?

If you are a cryptocurrency trader, or have even made a single cryptocurrency transaction in your life, then you’ve seen how fast and easy non-fiat payments can be. Payment platforms like PayPal make easy, nearly instant payments possible – and seeing the logo when you are checking out online is appreciated by a lot of people out there.

Buy with PayPal you are limited to USD payments, and the fee is pretty inflated when you compare it to digital currency transfers.

The problem with the e-commerce sector and cryptocurrency is that it is too complex for a lot of online retailers to set up a payment gateway that accepts digital coins. The barriers to entry are pretty high, especially for small-time merchants.

But imagine if you could have an easy-to-embed payment gateway that accepts all sorts of cryptocurrency options – and converts them directly into cash for each merchant that uses it. That is what the UTRUST platform will offer.

UTRUST (UTK) might make us forget about PayPal

Unless PayPal gets its act together and starts processing crypto payments at a very discounted rate, there are going to be a lot of up-and-coming blockchain-based systems that will fight for its market share. It’s sort of like how Ethos (ETHOS) is on its way to replacing Coinbase.

On top of those, this platform will cover all purchases – including 100% of goods and the majority of services. PayPal, on the other hand, only covers goods. It also charges 2.9% for sellers to accept a payment from a buyer – but merchants can end up paying around 5% when all the hidden fees accumulate.

Meanwhile, UTRUST charges a flat 1% fee to sellers. They don’t have access to your wallet and there are no chargebacks.

Seems like a pretty airtight case against PayPal, and I know that cryptocurrency traders will surely be flocking to this platform once it launches – if it ends up as beautifully as they are planning it out to be.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Tim is a graduate of the University of California Los Angeles, where he has a B.A. in Global Studies with a minor in Geography/Environmental Studies. He worked for nearly two years as a Research Associate at a top investment banking software provider. He then began working as a freelance writer, covering stock market news and writing corporate content. He has been investing in and researching cryptocurrency for about a year, and has been blogging almost daily on the topic since mid-2017. Tim has contributed to both LiveBitcoinNews.com and CCN.com.